yes, it is possible. In version 5.0, click Model | Convert…
Sync & Convert Wizard opens, select target database platform and the tool will convert basic database objects for you.
BTW: In the wizard there is option “Comment Out Database Specific Items”. Keep it enabled if you do conversion to different target platform, e.g. from MySQL to Oracle (in that case code of stored procedures and other database specific items that cannot be converted automatically will be commented out). Disable the option in case you convert model to different version of the same platform. For example from Oracle 10 to Oracle 11.